Colibri Real Estate Chapter 2 Quiz
When the agency relationship has been terminated, the licensee is no longer
considered the principal's agent but still owes which of the following duties to the
principal? - CORRECT ANSWER-Accounting
With which of the following can a broker NOT enter into a single agency agreement? -
CORRECT ANSWER-Seller and buyer
A person who is empowered to act on behalf of another is called? - CORRECT
ANSWER-An agent
When the agency relationship has been terminated, the licensee is no longer
considered the principal's agent but still owes which of the following duties to the
principal? - CORRECT ANSWER-Confidentiality
An agency relationship may be involuntarily terminated by which of the following? -
CORRECT ANSWER-By destruction of the property through fire, vandalism, or natural
disaster
When a seller authorizes a unilateral offer of subagency to all MLS members, any agent
who shows the listed property automatically becomes - CORRECT ANSWER-A
subagent
An agency relationship may be involuntarily terminated by which of the following? -
CORRECT ANSWER-Condemnation of the property
Sally is a subagent working for Seller Pat. What does Sally owe to Buyer Brad? -
CORRECT ANSWER-Honesty and fair dealing
Which of the following terminations of an agency relationship could result in legal or
financial ramifications? - CORRECT ANSWER-Renunciation by the client
When a seller gives permission to a broker to submit the property to the MLS, the seller
is authorizing the broker to make a blanket unilateral offer of what to all the other
members of that MLS? - CORRECT ANSWER-Subagency
,What is the term given to an agent who is acting as a buyer's and seller's agent in the
same transaction? - CORRECT ANSWER-Dual agent
A subagent owes customer level services to the buyer which include which of these? -
CORRECT ANSWER-Honesty, fair dealing and the proper disclosure of pertinent facts
that affect the value of the property
Which of the following may not involuntarily terminate an agency relationship? -
CORRECT ANSWER-Expiration of the agreement term
Revocation of a broker's license results in - CORRECT ANSWER-Termination of the
relationship
"As is" sales are tempered by which of the agent's duties? - CORRECT ANSWER-
Disclosure
What kind of defects are hidden from normal vies but still must be disclosed? -
CORRECT ANSWER-Latent
Latent defects are those - CORRECT ANSWER-Hidden from normal view and,
therefore, must be revealed
An agent must inform client and customer that the agent represents the client and does
not represent the customer, unless - CORRECT ANSWER-there is a dual agency
The agent who has the job of obtaining the best possible transaction for the seller is -
CORRECT ANSWER-the designated agent
A licensee for a seller has a duty to disclose such things except - CORRECT ANSWER-
ability of the purchaser to offer a higher price even if the purchaser is also the licensee's
client
Since many of an agent's fiduciary duties can only be rendered to one party, an agent
would have a difficult in not impossible time performing his/her duties in which type of
agency? - CORRECT ANSWER-Dual agency
Properties that have an undesirable reputation due to an associated unpleasant
occurrence, such as murder or gang violence, are known as - CORRECT ANSWER-
stigmatized properties
Since the listing agreement is a contract that established an agency relationship, which
law(s) is the relationship subject to? - CORRECT ANSWER-All of the above
Most real estate listing contracts are which kind of agency? - CORRECT ANSWER-
Special agency
, If a client refuses to disclose material defects to a buyer, what should the agent do? -
CORRECT ANSWER-Decline or sever the agency agreement
A licensee must provide____ of any existing agency relationships to all parties for whom
he or she provides real estate brokerage services - CORRECT ANSWER-A written
disclosure
In Indiana, contractual relationships are always formed at what level? - CORRECT
ANSWER-Managing broker
The licensee may disclose to the seller the financial status of the potential buyer
customer. Is this statement true or false and why? - CORRECT ANSWER-True if the
agent has knowledge of the buyer's financial status
Representing both principal parties to a real estate transaction is - CORRECT
ANSWER-A dual agency
A legal doctrine by which a person is prevented from asserting rights or facts that are
inconsistent with a previous position or representation made by act, conduct, or silence
is - CORRECT ANSWER-An estoppel
If an agency relationship has not been established by a written agreement, does the
relationship exist, and if so, what kind of relationship is it? - CORRECT ANSWER-Yes,
it is an implied agency
Before a licensee sign a listing agreement with a seller, he/she mist - CORRECT
ANSWER-Give the seller an agency disclosure
A licensee for the buyer has a duty to disclose such things except - CORRECT
ANSWER-why the seller is selling if the licensee knows this from a previous relationship
with the seller
The licensee could be known as a transaction broker, facilitator, or coordinator in which
type of agency? - CORRECT ANSWER-Non-agency
To make it easier to describe elevations, surveyors refer to standard elevation points
called - CORRECT ANSWER-Benchmarks
What is a "block" in the lot and block system of description? - CORRECT ANSWER-A
group of lots in a subdivision
Which of the following lines in the Rectangular Survey System run north and south? -
CORRECT ANSWER-Range lines
What method of legal description was the first one used in America? - CORRECT
ANSWER-Metes and bounds system
When the agency relationship has been terminated, the licensee is no longer
considered the principal's agent but still owes which of the following duties to the
principal? - CORRECT ANSWER-Accounting
With which of the following can a broker NOT enter into a single agency agreement? -
CORRECT ANSWER-Seller and buyer
A person who is empowered to act on behalf of another is called? - CORRECT
ANSWER-An agent
When the agency relationship has been terminated, the licensee is no longer
considered the principal's agent but still owes which of the following duties to the
principal? - CORRECT ANSWER-Confidentiality
An agency relationship may be involuntarily terminated by which of the following? -
CORRECT ANSWER-By destruction of the property through fire, vandalism, or natural
disaster
When a seller authorizes a unilateral offer of subagency to all MLS members, any agent
who shows the listed property automatically becomes - CORRECT ANSWER-A
subagent
An agency relationship may be involuntarily terminated by which of the following? -
CORRECT ANSWER-Condemnation of the property
Sally is a subagent working for Seller Pat. What does Sally owe to Buyer Brad? -
CORRECT ANSWER-Honesty and fair dealing
Which of the following terminations of an agency relationship could result in legal or
financial ramifications? - CORRECT ANSWER-Renunciation by the client
When a seller gives permission to a broker to submit the property to the MLS, the seller
is authorizing the broker to make a blanket unilateral offer of what to all the other
members of that MLS? - CORRECT ANSWER-Subagency
,What is the term given to an agent who is acting as a buyer's and seller's agent in the
same transaction? - CORRECT ANSWER-Dual agent
A subagent owes customer level services to the buyer which include which of these? -
CORRECT ANSWER-Honesty, fair dealing and the proper disclosure of pertinent facts
that affect the value of the property
Which of the following may not involuntarily terminate an agency relationship? -
CORRECT ANSWER-Expiration of the agreement term
Revocation of a broker's license results in - CORRECT ANSWER-Termination of the
relationship
"As is" sales are tempered by which of the agent's duties? - CORRECT ANSWER-
Disclosure
What kind of defects are hidden from normal vies but still must be disclosed? -
CORRECT ANSWER-Latent
Latent defects are those - CORRECT ANSWER-Hidden from normal view and,
therefore, must be revealed
An agent must inform client and customer that the agent represents the client and does
not represent the customer, unless - CORRECT ANSWER-there is a dual agency
The agent who has the job of obtaining the best possible transaction for the seller is -
CORRECT ANSWER-the designated agent
A licensee for a seller has a duty to disclose such things except - CORRECT ANSWER-
ability of the purchaser to offer a higher price even if the purchaser is also the licensee's
client
Since many of an agent's fiduciary duties can only be rendered to one party, an agent
would have a difficult in not impossible time performing his/her duties in which type of
agency? - CORRECT ANSWER-Dual agency
Properties that have an undesirable reputation due to an associated unpleasant
occurrence, such as murder or gang violence, are known as - CORRECT ANSWER-
stigmatized properties
Since the listing agreement is a contract that established an agency relationship, which
law(s) is the relationship subject to? - CORRECT ANSWER-All of the above
Most real estate listing contracts are which kind of agency? - CORRECT ANSWER-
Special agency
, If a client refuses to disclose material defects to a buyer, what should the agent do? -
CORRECT ANSWER-Decline or sever the agency agreement
A licensee must provide____ of any existing agency relationships to all parties for whom
he or she provides real estate brokerage services - CORRECT ANSWER-A written
disclosure
In Indiana, contractual relationships are always formed at what level? - CORRECT
ANSWER-Managing broker
The licensee may disclose to the seller the financial status of the potential buyer
customer. Is this statement true or false and why? - CORRECT ANSWER-True if the
agent has knowledge of the buyer's financial status
Representing both principal parties to a real estate transaction is - CORRECT
ANSWER-A dual agency
A legal doctrine by which a person is prevented from asserting rights or facts that are
inconsistent with a previous position or representation made by act, conduct, or silence
is - CORRECT ANSWER-An estoppel
If an agency relationship has not been established by a written agreement, does the
relationship exist, and if so, what kind of relationship is it? - CORRECT ANSWER-Yes,
it is an implied agency
Before a licensee sign a listing agreement with a seller, he/she mist - CORRECT
ANSWER-Give the seller an agency disclosure
A licensee for the buyer has a duty to disclose such things except - CORRECT
ANSWER-why the seller is selling if the licensee knows this from a previous relationship
with the seller
The licensee could be known as a transaction broker, facilitator, or coordinator in which
type of agency? - CORRECT ANSWER-Non-agency
To make it easier to describe elevations, surveyors refer to standard elevation points
called - CORRECT ANSWER-Benchmarks
What is a "block" in the lot and block system of description? - CORRECT ANSWER-A
group of lots in a subdivision
Which of the following lines in the Rectangular Survey System run north and south? -
CORRECT ANSWER-Range lines
What method of legal description was the first one used in America? - CORRECT
ANSWER-Metes and bounds system
